Do You Know The Differences Between Your...
Accountant
Pays Your Taxes Timely
- Compiles your companies’ financial statements from client-provided data.
- Works mostly in the past – using the historical data from your business
- Delivers updated financials weeks or months after the close of an accounting period (month, quarter, or year)
- Compiles financial statements in accordance with tax and regulatory requirements and practices consistent with the type of business operated.
- The financial statements compiled can be relied upon by third parties, such as banks, creditors and investors.
- Assumes you (the owner or CEO) are going to read and understand the financial statements as delivered.
- Does what they are hired to do – generally Bookkeeping, Taxes and Audits – which could also include mid-year tax planning, quarterly estimates, and appropriate posting of expenses. Is compensated regardless of success or failure of your business.
Controller / CFO
Pays Your Invoices Timely
- Plans, considers and decides how financial transactions will be booked, consistent with the objectives and strategies of the business.
- Plans, forecasts, budgets and projects the future financial performance of the company conforming to the company’s objectives, strategies and capacity to perform.
- Focuses on a clean, quick, and complete closing of the books within days of the end of the period. Generally monitors on a daily or weekly real-time basis key indicators of performance.
- Analyzes results in the context of the company’s objectives, strategies, and owners’ intent for the business. Establishes key indicators that provides early warning for management based on the above criteria.
- Works to maximize the value of the business for the owners while remaining within loan covenants, creditor requirements and other financial restrictions.
- Makes certain you (the owner or CEO) understand the financials, the trends and the issues they identify. Reviews them line by line with you, if necessary
- Does what he’s hired to do –help you strategize, plan and operate your business to your maximum financial advantage. Is compensated regardless of success or failure of your business.
Expense Reduction Expert
Returns Cash To Your Business
- Compiles individual spend category analysis reviewing each item purchased by vendor from client and vendor provided data
- Works totally in the past – from historical data. Using this data a baseline report is created to establish a level to measure from.
- Delivers comparative savings reports illustrating an implementation strategy on how to effect savings.
- Compiles monthly savings performance reports after the close of the accounting period detailing each item purchased, savings achieved as well as any items that might be problematic.
- Maintains good communication with your vendors so that the value received, and service levels promised are maintained.
- Has, at a minimum, a quarterly meeting with you (the owner, CEO or management team) to review the results and to address any concerns.
- Is compensated solely on sharing in the success of finding your company savings. If they cannot save you money you pay no fees
